The chairman of the Korean Financial Commission supports the prompt formulation of stablecoin regulatory policies but is concerned about the strong performance of the dollar

2025-02-19 15:38:29

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ChainCatcher news, the chairman of the Financial Services Commission (FSC) of South Korea, Kim Byeong-hwan, stated that the country needs to take action to regulate stablecoins "swiftly," but he expressed concerns about the "strength" of the dollar.

Kim Byeong-hwan said, "I also believe that stablecoin regulation needs to be formulated quickly, but we need to consider that the strength of the dollar is currently influenced by potential macro factors, including the strong performance of the U.S. economy."

These remarks seem to indicate that the FSC is still expected to introduce stablecoin regulatory provisions later this year. Legislators and financial regulators are currently working on the "second phase" of the Virtual Asset User Protection Act, a piece of legislation related to cryptocurrencies, which is set to take effect in mid-2024. Cryptocurrency advocates hope that regulators will include provisions regarding stablecoin regulation in this new bill.

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